Information Decision Making

Assignment 5
Unit 5006 C5009 Project development and control Unit 5002 Information based decision making

Andor Kovacs CMI no: 4205133 Assignment 5_Submission1 AEA group

Assignment Requirements 5002.....................................................................................4 Learning Outcome 1: Be able to identify and select sources of data and information ....................................................................................................................................4 1.1 Discuss the nature of data and information......................................................4 1.2 Evaluate relevant sources of data and…show more content…

............5 3.3 Evaluate the implementation of a communications method............................5 Assignment Requirements 5006.....................................................................................5 Learning Outcome 1: Be able to identify and justify a management project.............5 Determine a management are for investigation that has an implication for a work-related area....................................................................................................6 Identify the aim, scope and objective of the project...............................................6 Justify the aim and objective of the project............................................................6 Learning Outcome 2: Be able to conduct research using sources and analyse data and options.................................................................................................................6 2.1 Identify sources of data and information for the project..................................6 2.2 Analyse the data and information for options or alternatives that meet the project aim..............................................................................................................6 2.3 Determine an option or alternative that meets the project aim.........................6 Learning Outcome 3: Be able to make conclusions and recommendations that achieve the project aim...............................................................................................7 3.1…

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Unit 5002 - Information based decision making
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Stockton Riverside College |
Michelle Morgan
4/1/2012
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Contents
Introduction 3
Be able to identify and select sources of data and information 4
Be able to analyse and present information to support decision making 7
Be able to communicate results of information analysis and decisions 12
Appendices 14
Bibliography 14
Introduction
The aim of this report is to look at information based decision making to help identify…

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Information based decision making |
Unit 5002V1 |
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4/1/2015 |
Task 1 (600-700 words):
A.C.1.1 – Examine the nature of data and information
Data comprises of factual information. Data are the facts from which information is derived. Data is not necessarily informative on its own but needs to be structured, interpreted, analysed and contextualised. Once data undergoes this process, it transforms in to information. Information should be accessible and understood by the reader…

SHORT-RUN TACTICAL DECISIONS
The organizations strive to earn short-run profits. In making short-run decisions, not all cost and revenue data is relevant. The cost data relevant for decision-making is referred to as relevant costs and that which is not useful for decision-making is non-relevant costs.
On the revenue side, the only relevant revenue is the incremental & differential revenue.
Relevant and Non-Relevant Costs:
1. Future Costs and Sunk Costs (IR):
A future cost is that cost yet…

Question 1: Which biases in decision making can be identified in the performances of both Pieterson and Gack? How can the identified biases be overcome?
In general, the decision making style for manager approach decision making is toward rational and intuitive thinking. In rational thinking a person consider the problem in a rational, step-by-step and analytical way. Rational thinking person will resolve a complex and complicated problem into smaller part and then resolve them in a rational,…

‘Given the potential problems associated with group decision making, organisations should rely on individual decision making whenever possible’. How far do you agree/disagree with this statement?
From the days when working conditions were under the strict rules of Taylorism, workers these days are required to be equipped with various soft skills and not to forget, the important value of teamwork. Organisations present-day depend heavily on teamwork. Questions such as “what strengths can you bring…

provides financial information about one’s business to the internal and external users such as managers, investors, creditors and etc. Users need information to help in planning, decision-making, evaluating and controlling their business or investment. The information is generally in the form of financial statement where they can show where the money is spent, helps to assess performance over a period and helps to identity problems and opportunities. Users also use the financial information to make resource…

We Can But Should We?
The objective of this study is to investigate safeguards and decision-making support tools embedded in patient care technologies and information systems to support a safe practice environment for both patients and healthcare workers. This work will additionally discuss the principles of data integrity, professional ethics, and legal requirements related to data security, regulatory requirements, confidentiality, and client's right to privacy. The scenario in this study involves…

Education
Badaro Campus
Management Information System
The Role of MIS in the Decision-Making Process
Problem solving and decision-making are two important skills for any business process. Problem solving often involves decision-making, which is mainly important for management and leadership. According to BusinessDictionary.com, decision-making is “The thought process of selecting a logical choice from the available options.” Thus, logical decision-making is an important part of all science-based…

Q1
Decision making (decision from Latin decidere "to decide, determine," literally "to cut off," from de- "off" and caedere "to cut") can be regarded as the mental processes (cognitive process) resulting in the selection of a course of action among several alternative scenarios. Every decision making process produces a final choice.[1] The output can be an action or an opinion of choice.
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Decision making stages
Developed by B. Aubrey Fisher, there are four stages that should be involved in…